The gambling industry is one of the fastest-growing and most profitable business areas today. Online casinos and sportsbooks have been especially popular in recent years. In order to make iGaming safe and, moreover, to strengthen the economy with its help, governments of different countries around the world introduce gambling regulation.
All laws and rules relating to gambling within the jurisdiction constitute its gaming regulation. Usually, control in this area is the responsibility of a special regulatory body. Its employees monitor the activities of gambling establishments, identify violations of industry laws and issue licenses to new operators.
Keep reading to learn more about gaming regulations and their importance to players, casino owners and governments.
Why do we need gambling regulation?
It is difficult to overestimate the importance of gaming legislation for the successful development of the sphere. Supporters of the legalization and regulation of gambling operate with a number of arguments, here are the most significant of them.
Crime prevention
Online casinos often become an arena for financial crimes. The introduction of strict regulation and the issuance of permits only to respectable operators is the best solution to this problem. In addition, gaming regulation is also a guarantor of the protection of minors and potentially vulnerable persons from the harmful effects of gambling.
Security of players’ data and deposits
Gaming laws and regulations require casino operators to follow certain security standards. Usually, before getting a license, a gambling platform undergoes a full audit. All software, privacy policy, and compliance with AML standards are subject to scrutiny. In addition, regulators check the business owner for a criminal record or ongoing financial problems. All these measures are aimed at protecting the personal data and money of the players and reducing the chances of any illegal actions against them.
Ensuring fair play
Regulations make gambling fair. No authoritative body will issue a license to an online casino without an RNG certificate and/or other documents proving that games of chance on the platform really work on this technology and the winner is determined absolutely randomly.
Improving the reputation of the industry
Unfortunately, the iGaming sphere is one of the most controversial and is strongly condemned by many people. However, the situation improves when the law comes into play. The development and enforcement of specific legislation take gambling out of the grey area and make it as legal as regular computer games. Thus, the attitude towards casinos is slowly but surely changing for the better.
Contribution to the economy
Gambling brings a lot of money not only to entrepreneurs but also to state budgets. We are talking about taxes and fees paid by casino operators. Thus, gaming regulations and licensing of the gambling business will not only reduce the number of financial crimes but also support the country’s economy.
Who regulates gambling?
Usually, the responsibility for monitoring gambling activities lies with the state gaming regulatory agencies. Some jurisdictions have separate industry control and licensing authorities, while others have a single body for all gambling affairs.
It is extremely important for both players and operators to know gaming laws in the country where they are going to gamble or work. The best way to familiarize yourself with the rules is to visit the official website of the local regulator, where you can usually find all the necessary information. Another option is to contact LicensingAid specialists and get answers to any questions related to iGaming legislation.
Best jurisdictions for getting a license
Currently, there are plenty of well-regulated gambling markets around the world. But how to choose the best one for obtaining a permit? We can recommend considering the following jurisdictions: Malta, the Isle of Man, Kahnawake, Costa Rica, Estonia, Anjouan and Gibraltar. These markets not only regulate online gambling at the legislative level but also show interest in attracting more and more new operators by establishing attractive licensing conditions.
Don’t hesitate to write to us and seek help from the LicansingAid team. We offer a license acquisition, opening a bank account,AML compliance and trademark consultancy services.
